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UK property one of top performers in Europe during 2009

Despite the doom and gloom surrounding the UK property market it has been revealed that during 2009 the UK market was one of only five in Europe to post an increase in prices. When you consider that property values in countries such as Latvia plummeted by more than 50% during 2009 this puts the performance of the UK property market into perspective. So what does 2010 hold for UK property market?

There is no doubt that 2010 will still be a very difficult time for UK property market with mortgage liquidity still relatively low and a recent reduction in transaction numbers. Opinion is divided as to whether prices will rise in 2010 with some analysts still concerned about a potential double dip recession. However, better news on the UK economic front, a potential endgame for the Greek economic problem and a relatively strong worldwide economy bode well for the short term.

However, as we have seen in Greece, there are still many issues which need to be addressed both in Europe and around the world with a number of countries operating on massive budget deficits. How these will be addressed in the short to medium term will dictate the direction of the European, the UK and worldwide economies.

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